EROAD moves into profit in record year of growth – Amended

TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4-EROAD Auckland, New Zealand eroad.co.nz

EROAD moves into profit in record year of growth
18 May 2018 EROAD Limited reported record growth of Total Contracted Units in both Australia and
New Zealand and North American markets of 61.5%, revenue of $51.5 million, EBITDA of $15.0 million
and Net Profit after Tax of $0.2 million.
Financial Highlights
• Total Contracted Units up 61.5% to 77,600 (FY17: 48,041)
• Revenue up 57% to $51.5 million (FY17: $32.7 million)
• EBITDA up 113% to $15.0 million (FY17: $7.1 million)
• Net Profit after Tax of $0.2m vs a net loss after tax of $5.3 million in FY17, a positive change of $5.5
million
• In the second half of the year the business graduated from start-up mode, generating self-sustaining
cash flows for the first time
• Major growth among enterprise customers including Downer Group, Waste Management, Fulton
Hogan and food distributor Bidfood
• Raised $21.5 million of new capital; $6 million through a Share Purchase Plan for existing
shareholders (that was 90.78% over-subscribed), and $15.5 million through a strongly supported
equity placement to existing and new institutional shareholders
• Secured new credit facility from the BNZ to support future growth, with the limit increased within six
months by BNZ to fund higher growth.

Operational Highlights
• Record sales growth of 191% in North America now means that EROAD has a credible beachhead in
this market
• The ANZ business achieved four consecutive quarters of record sales growth, resulting in 42% year
on year growth, and indicative of the potential for continuing growth in this market
• In Q3, sales in North America exceeded sales in Australia and New Zealand for the first time
• Launched new driver and vehicle safety tools to extend EROAD’s market-leading suite of health and
safety products and services including Posted Speed on box, and EROAD Inspect vehicle checklist
product on Android and iOS mobile devices
• Launched EROAD Inspect on Ehubo2 in North America
• The Federal Motor Carrier Safety Administration (FMCSA), through the Department of
Transportation’s National Training Center (NTC), selected EROAD as one of four ELD devices for use
in training commercial motor vehicle inspectors and investigators
• The Project Management Institute of New Zealand (PMINZ) awarded EROAD’s ELD development its
Project of the Year award at the institute’s annual awards.

Strategic Highlights
• Engaged First NZ Capital to undertake a strategic review of EROAD’s North American business
focused on evaluating options to further capture the compelling growth opportunity in North
America
• Graham Stuart, previously chief executive officer of Sealord Group and a former CFO and director of
strategy & growth at Fonterra, joined the EROAD board of directors and assumed the Chair of the
Finance, Risk and Audit committee
• EROAD selected to participate in the first multi-state truck pilot on the I-95 to explore the feasibility
of a Mileage-Based User Fee (MBUF) along the United States’ eastern seaboard

Page 2 eroad.co.nz
• US Federal Government, in its annual Economic Report of the President, proposed a move from fuel
tax to road user fees
• Australia’s Federal Minister for Urban Infrastructure, the Honourable Paul Fletcher, announced a
heavy vehicle charging pilot and a business case pathway for local heavy vehicle trials, in response to
more rapid adoption of electric vehicles in the freight sector.

Full
-year to 31 March 2018
EROAD (NZX:ERD) today reports record sales and profit growth for the year ended 31 March 2018. Four
consecutive quarters of record sales growth drove profitability in ANZ business, and in North America EROAD
capitalised on the Federal Government ELD mandate to drive record sales volumes.
Chairman Michael Bushby said the board was pleased to see EROAD had now established a credible
beachhead in North America, providing strategic options for future growth and development in this highly
attractive market.
“The hard work that has gone into developing a best-in-class ELD solution that allows us to address the US-
wide opportunity has paid off with annual growth of 191% in North America. We have begun planning for our
next phase of growth in North America, which may involve deeper strategic partnerships, and have engaged
First NZ Capital to help us with this work,” Mr Bushby said.
Strong growth in the ANZ business has been driven by increased penetration in light vehicle fleets and
continued focus on health and safety. While EROAD is the world leader in RUC (road user charges) collection
technology, it is also now a strong player in the broader telematics industry.
To support further growth, the company secured a new credit facility from BNZ to fund in-vehicle hardware
and raised $21.5 million of new capital, $15.5 million through an equity placement to existing and new
institutional shareholders and $6 million through a Share Purchase Plan for existing retail shareholders. The
proceeds from the equity raise are primarily being used to assist with changes in processes and systems to
improve customer experience and efficiencies and new business opportunities.
The company achieved a sales and customer support scale-up of many multiples this year, and in a number of
quarters carried out more sales and customer onboarding than entire previous years. This proved extremely
challenging and the business learned a great deal from this rapid growth. EROAD is continuing to implement
improvements arising from these lessons to ensure sustainable ongoing growth at scale.
In New Zealand EROAD continued expansion into light commercial vehicles and existing customer fleets,
including some of its major enterprise customers. EROAD rounded out its portfolio of health and safety
products with new driver and vehicle safety features to support record growth, and introduced charging for
the new features.
Total Contracted Units rose to 77,600, representing a 61.5% increase on last year. The company maintained a
high customer retention rate of 98% and the proportion of customers renting EROAD’s hardware, rather than
purchasing hardware outright, in Fy18 was 90%.
Future Contracted Income (FCI) reached $92.8 million in FY18, up from $59.9 million last year, driven by the
high number of contracts for renewal, a high renewal rate and strong sales growth.
Chief Executive Officer Steven Newman said, “We have continued to strengthen our leading position in
Australia and New Zealand; with sales in the second half of the year surpassing our previous sales record in
the first half of the year. In North America, our investment in our ELD solution and sales team helped deliver a
191% increase in sales. Our North American business is now close to cash flow breakeven on a monthly basis.”

Page 3 eroad.co.nz
The company continued to build on its track record of innovation and disruption, with the first tethered in-cab
ELD solution to be registered with the FMCSA (Federal Motor Carriers Safety Administration) and the first
independently verified ELD to be launched to the North American market. The quality of its ELD development
was recognised in New Zealand where it won Project of the Year at the Project Management Institute of NZ
(PMINZ) Awards.

Australia and New Zealand (ANZ)
The company’s business in ANZ recorded four consecutive record sales quarters.
EROAD continued to increase its share of RUC in New Zealand, collecting 42% of all heavy vehicle RUC, up
from 38% in 2017 and 81% of all eRUC (electronic RUC). In June 2017, a major milestone was reached, with
eRUC payments in New Zealand overtaking paper RUC payments for the first time. At the end of Fy18 EROAD
had collected $1.9 billion in RUC since it began offering its services to customers.
An additional 7,863 units were added in ANZ in the first half of FY18, a record that was surpassed in the
second half of the year, with a further 10,041 units added. These 17,904 additional units in ANZ amounted to
42.7% annual growth in what is still a growing market.
A key driver for growth in ANZ was increased penetration into key enterprise fleets, many of which followed
up installation of EROAD in their heavy vehicles with light vehicles to meet health and safety obligations.
“Our focus on solving complex problems for our customers applies to light as well as heavy vehicles,” Mr
Newman said. “Both are subject to the same health and safety requirements, and are discovering that
preventative safety is key to improving road safety and compliance – as well as reducing costs.”
A new trend in customer contract terms had a significant impact on the FY18 result, with approximately 40%
of new unit sales being contracted for terms in excess of the standard 36 months, being either 48- or 60-
month contracts. These longer-term contracts reflect customer preferences and are often linked to vehicle
lease terms. Economically, longer-term contracts are a positive outcome for the business. It does, however,
change the accounting treatment for these contracts with many of these longer-term contracts being
required to be treated as a finance lease. This results in the revenue and costs associated with the lease (e.g.
cost of the hardware, installation, activation and costs of acquisition) needing to be recognised on the
commencement of the lease, rather than monthly over the life of the lease as is normally the case. This
change in contracted terms has resulted in finance lease revenue in FY18 of $5.8 million (FY17: $0.8 million).
The majority of sales in Australia continued to be mainly New Zealand customers with Australian operations.
EROAD’s Australian solution continued to focus on health and safety and fleet management requirements.
The move towards road charging reform is gathering momentum: the Australian Federal Government
announced in December a heavy vehicle charging pilot in response to the potential rapid adoption of electric
vehicles in the freight sector. EROAD is well-positioned to support and participate in this trial, drawing on its
experience with road charging pilot programmes in Oregon and California.


North America
The ELD mandate significantly changed the landscape for EROAD in North America, delivering record sales
results. As motor carriers prepared their fleets for the December 2017 compliance deadline, EROAD unit sales
grew 59.6% in the first half of FY18, and 82.4% in the second half of the year when the mandate came into
force.

Page 4 eroad.co.nz
During an initial soft enforcement period in Q1 of calendar year 2018, as motor carriers incorporated the
technology into their operations, EROAD continued to attract new customers due to the quality of its
solution. The company’s investment in R&D, as well as its decision to develop a tethered device and to have it
independently verified by PIT Group, have helped differentiate it in the market.
“We were very pleased when we submitted our ELD for review to an independent website, eldratings.com, to
have it rated third in the market,” Mr Newman said. EROAD’s ELD is also the only device in the top five on the
site with a five-star customer rating.
EROAD’s reputation with trucking associations and regulators has helped to strengthen EROAD’s position in
an evolving ELD market. The EROAD ELD was one of four devices that FMCSA provided to the US
Department of Transportation’s National Training Center for training of inspectors and investigators.
Following the company’s participation in the largest road charging pilot to date in North America, the
California Road Charge Pilot, EROAD was invited to participate in the first multi-state truck pilot, which will
explore the feasibility of a Mileage-Based User Fee along the United States’ eastern seaboard.
Interest in North America in exploring distance-based road user charging was demonstrated for the first time
at a federal level in March 2018 with the annual Economic Report of the President proposing replacing the fuel
tax with a user fee.
EROAD followed the launch of its ELD in FY18 with a DVIR (driver vehicle inspection reports) solution, EROAD
Inspect, available on the same Ehubo2 in-vehicle device as its ELD and tax solution. Customer uptake of
Inspect has been significant, with close to 200,000 vehicle inspections completed in the first three months.
Mr Newman said the company was pleased with record sales growth in North America in FY18. However, to
continue to improve its growth trajectory, EROAD has appointed First NZ Capital to assist with a strategic
review of the North American business.

Outlook for FY19
The growth in units this year has put the company on a stronger financial footing, and the experiences gained
from a rapid scale-up in sales and customer support means EROAD is in a good position for the year ahead,
said Mr Newman.
This came at a time when the global trend towards electronic road user charging as an alternative to fuel
taxes was accelerating due to the commercialisation of electric trucks and vans, which will rapidly and
severely impact fuel tax-based road funding, he said.
In addition, a parallel trend of addressing driver fatigue and improving road safety was promoting the growth
of regulatory telematics, said Mr Newman. The mandated use of electronic logging devices in North America
was part of a global move to better manage fatigue in the transport industry.
“EROAD is well positioned to meet both these opportunities,” he said.
Mr Newman said the company expected continued solid growth in its New Zealand business, with further
adoption of telematics by light commercial fleets to meet health and safety requirements, and customers
continuing to upgrade from Ehubo1 (its first-generation in-vehicle hardware device) to Ehubo2. He said signs
were promising in Australia that more significant opportunities were on the way, particularly with changes to
chain of responsibility laws due to be introduced in FY19.
He said that while EROAD was pleased its North American sales growth appeared to be on track, the
company was well aware it can still do better and was progressing with strategic opportunities in North
America.

Page 5 eroad.co.nz

The ELD market will continue to deliver sales growth, Mr Newman said, both from carriers using AOBRDs
(automatic onboard recording devices), who have until December 2019 to transition to ELDs, and those
looking to overcome challenges they have encountered with faulty connections and poor customer service
from other telematics providers. The company was further refining its sales distribution and customer success
processes to enable it to support larger customers seeking a compliant ELD solution. It was also
strengthening its North American leadership team to support future growth.
“Our successful capital raise, combined with our re-negotiated credit facility with BNZ, means that EROAD is
well-placed to fund continued growth and expansion of its business to capitalise on these considerable
opportunities,” Mr Newman said.

Dividend
Consistent with its Dividend Policy, EROAD does not intend to pay a final dividend for the year ended
31 March 2018.
Financial statements
Attached to this release is EROAD’s annual report, incorporating its financial statements. The Annual Report
will also be available online on EROAD’s website at www.eroad.com. The financial statements for the year
ended 31 March 2018 and the comparative financial information for the year ended 31 March 2017 have been
prepared under the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).
About EROAD
EROAD modernises road charging and tax compliance and health and safety compliance for road transport by
replacing paper-based systems with easy-to-use electronic systems that also improve fleet management. The
company is headquartered in Auckland, New Zealand, and listed on the New Zealand Exchange (NZX). Its US
business is based in Portland, Oregon, serving customers with vehicles operating in every US mainland state,
growing outward in concentration from the Northwest. In 2009 EROAD introduced the world’s first
nationwide electronic road user charging (eRUC) system in New Zealand. More than 50% of heavy transport
RUC is now collected electronically, representing a rapid transition to e-commerce on a voluntary, industry-
led basis, due to the cost-savings and benefits to customers. EROAD is also a leading provider of health and
safety compliance services, including vehicle management and driver behaviour and performance measures.

Contact: Jason Dale CFO on +
64 21 359 017

Attachments
Annual Report 2018
Full Year Results Presentation FY18

Page 6 eroad.co.nz
EROAD Limited
Results for announcement to the market
Reporting period For the year ended 31 March 2018
Previous reporting period For the year ended 31 March 2017


Amount (000s) Percentage change
Revenue from ordinary activities NZ$51,524 57%
Profit from ordinary activities after tax
attributable to security holders
NZ$210 N/A
Net profit attributable to security
holders
NZ$210 N/A

Final dividend Gross amount per security Imputed amount per security
No dividend is proposed
Record date Not applicable
Dividend payment date Not applicable

Audit The financial statements attached to this announcement have
been audited.

Comments Refer to accompanying pages for commentary.

Net tangible assets per security 31 March 2018 31 March 2017
$0.55 $0.28

---

Investor Briefing
Year ended 31 March 2018

2
Important information
The information in this presentation is of a general nature and does
not constitute financial product advice, investment advice or any
recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
This presentation may contain projections or forward-looking
statements regarding a variety of items. Such projections or forward-
looking statements are based on current expectations, estimates and
assumptions and are subject to a number of risks, uncertainties and
assumptions. There is no assurance that results contemplated in any
projections or forward-looking statements in this presentation will
be realised. Actual results may differ materially from those projected
in this presentation. No person is under any obligation to update
this presentation at any time after its release to you or to provide
you with further information about EROAD.
While reasonable care has been taken in compiling this presentation,
none of EROAD nor its subsidiaries, directors, employees, agents or
advisers (to the maximum extent permitted by law) gives any
warranty or representation (express or implied) as to the accuracy,
completeness or reliability of the information contained in it nor
takes any responsibility for it. The information in this presentation
has not been and will not be independently verified or audited.

3
Key Dates
Annual Results
Friday 18th May
Annual Report
Friday 18th May
Annual Meeting
Thursday 2nd August

Business Update

5
Highlights
EROAD Group Performance
Total Contracted
Units Growth
29,559
+61.5%
Revenue
+57%
$51.5 m
5
Future Contracted
Income
+55%
$92.8 m
EBITDA
+113%
$15.0 m

6
Financial Performance
FY18 Full Year Results
Strong unit sales growth resulting in improved revenue, EBITDA and net profit for FY18
Actual
Last Year%change
Re ve nue ($000' s)51,52432,76457%
EBITDA ($000' s)15,0107,056113%
EBITDA margin29%22%
8%
Ne t Profit/(Loss) Afte r Tax ($000' s)210(5,274)N/A
Total Contracted Units*77,600
48,04162%
Future Contracted Income (FCI) ($000's)92,75659,943
55%
Retention Rate98%99%-1%

7
Achievements and key events
AUSTRALIA & NEW ZEALAND
ACHIEVED
4
RECORD
SALES
QUARTERS
ELECTRONIC RUC HIT
50%
of all Heavy Vehicle
RUC in New Zealand
EROAD COLLECTS
81%
of all Heavy Vehicle
eRUCin New Zealand
INTRODUCED
CHARGING FOR
NEW FEATURES
Such as Inspect and
Speed on Box
7
$1.9b
In RUC
collected since
services
commenced

8
New Product Release
In FY18, EROAD launched a number of new products
and features in NZ
•This includes SafeDriverproduct suite, including speed on
a box (customer testimonial on the attached link:
https://vimeo.com/238500599/1be6b332c8) and
Driver Login MonitorandFleet Utilisation Dashboard.
•Vehicle Inspect - We added Defect Management to vehicle
inspections, so you can find everything that's failed in
seconds, not hours.
•Giving drivers more
•See existing defects when inspecting a vehicle
•Real-time status of previously reported defects
•Inspect and Depot work hand in hand
•Capture defects with configurable templates
•Real-time display on the Defect Board, ready
for you to take action
•Available on iOS and Android
•The launch provided automatic upgrades for major
enterprise customers and incremental revenue for other
customers.
EROAD helps empower drivers to coach themselves

9
ANZ
Market Summary
•Total Contracted units increased to 59,843
•AnnualisedRUC Collection had increased to $558 million vs
$445 million in FY17
•Collected over $1.9 billion of RUC since 2010
•Grew share of heavy vehicle RUC collected, growing from
38%in March 2017 to 42%in March 2018
•Continued to secure and expand our relationships with some
of New Zealand’s largest fleet operators including Downer,
Waste Management, Fulton Hogan, all where Health and
Safety are critical
•Continued to expand in commercial light vehicle fleets, an
addressable opportunity of over 500,000vehicles in New
Zealand
•Maintained rentals at over 90%of total units
•Strong pipeline of contracts and demand from both heavy
and light fleets to support strong growth in FY19
$528,009,032
$-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
EROAD ANNUALISED HT RUC COLLECTION

10
ACHIEVED
2
RECORD
SALES
QUARTERS
RANKED ELD
#3
out of 26 by
ELDratings.com
ELD Legal
Challenge
REJECTED
ELD mandate effective
from December 2017
EROAD’s ELD
received unqualified
independent
verification from
PIT GROUP
Achievements and key events
NORTH AMERICA
10

11
North America
Market Summary
•Unit growth up 191%or 11,655units as adoption of the ELD
mandate on December 18, 2017.
•Total Contracted units increased to 17,757
•ELDratings.com number 3 ranking, highest customer satisfaction
raking at 5/5
•Drivers for customer adoption of EROAD include:
1.EROAD’s reputation with regulators and trucking
associations
2.Ease of use and ability to train driver’s quickly
3.Confidence in the up time and accuracy of EROAD’s
offerings
•Hardware rentals at 83%of unit sales for the year
•EROAD’s focus on growth in the US continues, with EROAD
increasing sales and market presence, appointing FNZC to assist
with a strategic review of options to boost growth.
•Federal funding continues to be utilised by US states to evaluate
road user charges to address States’ road funding deficits arising
from the use of fuel tax for road funding. WMT trial in California
now completed, i95 corridor multi state trial to commence in
2018.
USA FY17
USA FY18

12
POST DEADLINE
•Buyers remorse
•In cab vs tablet functionality,
complexity, compliance
•Return to value focus
•Value selling over price and
simple compliance
•Intra-state adoption
•AOBRD users must transition
to ELD by 18 December 2019
North America
The ELD landscape has evolved
PRE DEADLINE
•Late adopters
•Price key rather than value
•Compliance focused users
•Focused on being compliant
by deadline
DEADLINE (Dec ‘17)
•Final rule compliance date:
•18 December 2017 (excluding AOBRDs)
•Enforcement deadline:
•1 April 2018 (excluding AOBRDs)

13
Achievements and key events
CONTINUED PRODUCT
ENHANCEMENT
>500
Improvements
launched
Outsourced
Manufacturing
From May 2018 Ehubos
will be manufactured in
Asia by global contract
manufacturer
CORPORATE AND R&D
NEW
MULTI-OPTION
CREDIT FACILITY
SECURED
Put in place
July 2017 and
revised in
December 2017
13

14
Researchand Development
•USA
•Stage 1 McLeod integration
•Inspect on the Ehubo 2 + Inspect Defect Board
•ELD functionality for pre-2000 vehicles
•Continued ELD enhancements and functionality
•Hours of Service reporting and APIs
•California WMT pilot
•APAC
•Action Centre for RUC management
•Inspect mobile application + Inspect Defect Board
•Light vehicle safety awards
•Speed on the box
•Driver login monitor
•Analytics
•Driver Login Monitor - A tool for fleet managersto check if their drivers are logging in to the Ehubo
•Utilisation Dashboard - A tool to determine if vehicles are being under utilised
•Oregon State University - A Framework to Evaluate Causes and Effects of Truck Driver at Fault Crashes in Oregon
•Expensed a further $4.5 million of R&D directly to the Income Statement (FY17 $4.0 million)
•Received Callaghan R&D growth funding of $0.9 million
R&D Capitalised
$0.0
$2.0
$4. 0
$6. 0
$8.0
$1 0.0
201 3201 4201 5201 6201 7201 8
Million
a

15
Funding
New debt facilities put in place to ensure capacity to fund unit growth
•During HY18, EROAD secured a new credit facility with the BNZ totalling $33.4 million, which was first drawn in July 2017
•In December 2017, EROAD signed an amended and restated credit facility to further extend its facilities by approximately $16 million
($14 million of growth facility and $2 million of overdraft), to support expected increases in the sales pipeline
•The subsequent facility is used primarily to provide growth funding for the financing of new units leased to customers in
New Zealand, Australia and North America and is drawn down in accordance with the execution of new rental contracts
•The subsequent facility has a revised expiry date of 1 April 2019
•Covenants and funding rates are in line with the previous agreement, however margins have increased by 25 bps across all facilities –
an umbrella limit of $35 million also applies
NEW DEBT FACILITIES
•Term Debt: $9.5 million amortising over 30 months, repaid quarterly
•Second Term Debt Facility representing Capped Committed Cash Advance Facility
1
:
approximately $12.5 million, amortising over 33 months
•Committed Cash Advance Facility
1
: $21 million to fund unit growth, amortising over 36 months
•Overdraft Facility:$5 million (increased from $3 million)
NEW
MULTI-OPTION
CREDIT FACILITY
SECURED
Put in place
July 2017
Revised in
December 2017
1
Facilities are in local currencies and to local market rates

Performance

17
+$5.4m
REVENUE
Unit Sales – 61.5% Growth
NET NEW CONTRACTED UNITS
(UNIT SALES PER QUARTER, NORTH AMERICA AND ANZ)
TOTAL CONTRACTED UNITS
(NORTH AMERICA AND ANZ)
•Unit Growth in ANZ for FY18 17,904 units up 42.7% and compares to FY17 growth of 9,487 units
•Unit Growth in NA for FY18 11,655 units up 191.0% and compares to FY17 growth of 1,601 units
•Average monthly recurring revenue per unit for FY18 is approximately $53 per unit, driven by factors including: customers upgrading to EHUBO2 (second
generation units); customers upgrading service plans; continued penetration into lighter vehicles; and increasing number of contracts up for renewal
2,216
2,052
2,420
1,892
2,473
3,204
1,835
1,975
3,090
4,773
4,777
5,264
897
271
796
547
422
378
392
409
1,321
2,313
5,076
2,945
3,113
2,323
3,216
2,439
2,895
3,582
2,227
2,384
4,411
7,086
9,853
8,209
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
1Q 162Q 163Q 164Q 161Q 172Q 173Q 174Q 171Q 182Q 183Q 184Q 18
ANZNorth AmericaTotal
26,088
28,140
30,560
32,452
34,925
38,129
39,964
41,939
45,029
49,802
54,579
59,843
2,887
3,158
3,954
4,501
4,923
5,301
5,693
6,102
7,423
9,736
14,812
17,757
28,975
31,298
34,514
36,953
39,848
43,430
45,657
48,041
52,452
59,538
69,391
77,600
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1Q 162Q 163Q 164Q 161Q 172Q 173Q 174Q 171Q 182Q 183Q 184Q 18
ANZNorth AmericaTotal

18
+$5.4m
REVENUE
Unit Sales – 61.5% Growth
TotalContracted Units* (TCU)
7,720
14,332
25,862
36,953
48,041
77,600
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
201320142015201620172018
TOTAL CONTRACTED UNITS
6,612
11,530
29,559
11,091
11,088

19
Revenue growth
Driven by unit sales
From FY17 to FY18, revenue increased by $18.7m (57%), predominantly driven by:
•Increases in total contracted units and recognition of a full year of revenue for
units sold partway through the prior period
•Increase in Finance leases $5.0 million
+$5.4m
REVENUE
6.2
10.0
17.6
26.2
32.8
51.5
-
10.0
20.0
30.0
40.0
50.0
60.0
201320142015201620172018
REVENUE ($MILLION)

20
Recurring revenue per unit
Mix shift to lighter vehicles
resulted in small decline
Recurring revenue
1
per unit fell from $55 to $53 over the prior year driven by:
DOWNWARD DRIVERS
•Continued penetration into lighter vehicles
•Lower RUC transaction fees for lighter vehicles
•Increasing number of contracts up for renewal
•Large enterprise customer and partner contracts
•Increased number of Finance Leases
UPWARD DRIVERS
•Customers upgrading service plans
•Customers upgrading to Ehubo2 from Ehubo1
•North America is an Ehubo2 only market
•Customers subscribing to the newly launched
features –Inspect and Speed on box
1
For a full description of recurring revenue see the Appendix to this presentation

21
Revenue dynamics
98%
HIGH CUSTOMER
RETENTION RATE
Retention rate remains high
at 98%
POSITIVE
PRODUCT MIX
Product mix shifted toward Ehubos(70% last year) due to:
•North America (which is an Ehubo2 market) continuing to grow
•Large enterprise customers seeking the full range of Health and
Safety features only available on Ehubo2
RENTAL VERSUS SALES
(NEW SALES FY18)
Rented units continue to be the
dominant model for our customers
with just 10% of units sold outright
84%
4%
11%
Ehubo/Ehubo 2TuboElocate
67%
23%
10%
Rented -Operating LeaseRented - Finance LeaseSold

22
Future Contracted Income (NZ$m)
FCI grew to
$92.8 m
(55%)
driven by high number
of contracts for renewal,
a high renewal rate and
strong sales growth
Future Contracted Income is a non-GAAP measure which represents future hardware and SaaS cash inflows
relating to income under non-cancellable long-term rental agreements. Note that this definition has changed
from the previous period in order to include the future cash flows from finance leases, where the revenue has
been recognisedin advance of cash flows.
11.5
19.5
32.6
48.0
59.9
92.8
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
201320142015201620172018
FUTURE CONTRACTED INCOME ($Millions)

23
FY18 EBITDA (NZ$m)
EBITDA
grew to
$15.0 m
driven by high number
of new contracts, a high
renewal rate and strong
sales growth
EBITDA
('000)FY18FY17Movement
A NZ24.2 17.1 7.1
North America(1.4) (3.9) 2.5
Corporate & Development(5.3) (5.9) 0.6
Elimination of inter-segment EBITDA(2.5) (0.2) (2.3)
EBITDA15.0 7.1 7.9
EBITDA MARGIN29%22%7%
KEY POINTS
ANZ
1.Continued strong growth in both heavy and
light vehicle fleets
2.Small reduction in monthly recurring revenue
per unit
3.Retention remained strong
4.Grew penetration in larger fleets
North America
1.Strong growth in unit sales of back of ELD
mandate
2.Maintained monthly recurring revenue per
unit
3.Invested in sales and support staff
4.Reviewing strategic options
Corporate & Development
1.Reduced combined spend on R&D by
approximately $2.8m
2.One off costs for reorganization and
professional fees $1.9m
3.Released over 500 features and
enhancements
4.Moved manufacturing to contract
manufacturing reducing cost per unit

24
FY18 Balance Sheet (NZ$m)
Total Assets
grew to
$112.8 m
Primarily driven by
increased working
capital, high number of
new contracts and
capital raise
KEY POINTS
•Cash– proceeds from capital raise has
increased cash by $20.8 million after fees,
increased borrowings allowed funding of
leased assets and utilisationof cash for
operations.
•Trade receivables – increased significantly
due to increased number of rental contracts it
was also impacted by some teething
problems, associated with growth and billing
systems leading to some identified
improvements with collections, these are
being addressed with improved systems and
resourcing.
•Intangibles – the increase in Development &
Software capitalised of $6.6 million offset in
large part by amortisation of $5.6 million.
•Other assets – primarily relates to finance
lease receivables increases of $3.4 million and
deferred tax $1.8 million.
•DeferredRevenue - down as a result of
reduced use of external financing company,
replaced by bank debt facility.
Fy18FY17Movement
$m$m$m
Cash21.9 0.9 21.0
Restricted bank account9.2 9.2 (0.0)
Other ( incl. Trade receivables)15.2 8.6 6.6
Current Assets46.3 18.7 27.6
P lant and Equipment ( inc l. leased assets)28.3 23.8 4.5
Intangibles29.9 28.7 1.2
Other8.3 1.9 6.4
Fixed Assets66.5 54.4 12.1
Total Assets112.8 73.1 39.7
Payable to NZTA9.1 9.2 (0.1)
Deferred Revenue3.5 4.4 (0.9)
Borrowings26.4 7.0 19.4
Other liabilities6.6 6.9 (0.3)
Total Liabilities45.6 27.5 18.1
Net Assets67.2 45.5 21.7
Net Debt (net of cash)4.5 6.1 (1.6)

25
FY18 Cash Flows (NZ$m)
Operating
Cash
covered
R&D spend
in HY18
driven by cashflows
from growth and
reduced spend
KEY POINTS
•Cash– proceeds from capital raise has increased cash by $20.8 million after fees, increased borrowings
allowed funding of leased assets and utilisationof cash for operations.
•Cash utilisation –In the last six months the cash from operations has been sufficient to fund our R&D
and systems spend, a turnaround from prior years. This despite a significant increase in working capital
particularly for funding Ehuboinventory and Trade receivables increased significantly due to the impact
of some teething problems, associated with growth and billing systems leading to some identified
improvements with collections, these are being addressed with improved systems and resourcing.
12 mths 31 Mar 186 mths 31 Mar 186 mths 30 Sep 1712 mths 31 Mar 17
Net cash inflow from operating activities2,006,594 1,961,612 44,982 6,628,278
add back interest cost1,259,442 817,998 441,444 200,775
R&D and other intangibles spending(6,833,083)(2,567,283)(4,265,800)(9,385,454)
Funding Surplus/(Shortfall) for Operations and R&D(3,567,047)212,327(3,779,374)(2,556,401)
Source of Funding for Operations and R&D
Funded by opening cash(934,486)-(934,486)(2,556,401)
Funded by debt(2,844,888)-(2,844,888)-
Funded by surplus212,327 212,327 --
Total Funding(3,567,047)212,327 (3,779,374)(2,556,401)
Cost of acquiring Assets for Lease and other Fixed Assets(14,519,691)(7,553,156)(6,966,535)(10,488,345)
deduct interest cost(1,259,442)(817,998)(441,444)(200,775)
Funding by opening cash---9,494,927
Funding by Debt16,609,167 9,312,8757,296,292 993,418
Funding Surplus/Shortfall830,034 941,721 (111,687)(9,695,702)
Issue of Equity20,828,054 20,828,054 --
Closing Cash (net of overdrafts)21,870,41521,982,102(111,687)934,486
20,388,541 9,312,87511,075,666 13,245,521
---200,775

Outlook

27
Next Chapter
Prospect
California,
Eastern USA (I-95)
HoursofService
USA, Canada & Mexico
and Intrastate
Accountability
Human
Interference
Vehicle fitness
Infrastructure
Funding
Global Transportation Challenges
•Strong and profitable ANZ business with plenty of
growth potential in the broader telematics industry.
•Growth in the ANZ business has been driven by
increased penetration in light vehicle fleets and
continued focus on health and safety.
•Credible beachhead in North America providing
strategic options for future growth and
development in this highly attractive market.
•Graduating from start up mode, generating
cashflows capable of sustaining organic growth.
•While EROAD is the world leader in weight mile tax
collection technology, it is also now a strong player
in telematics. Moving from data capture to insight.

28
Opportunity
LARGE TOTAL ADDRESSABLE MARKET IS AVAILABLE
Australia & New Zealand > Oregon > Northwest > North America
Prospect
California,
Eastern USA (I-95)
HoursofService
USA, Canada & Mexico
and Intrastate
500k
Light commercial vehicles
120k
Heavy vehicles
NEW ZEALAND
2.9m
Light commercial vehicles
700k
Heavy vehicles
AUSTRALIA
2.9mvehicles
IFTA & IRP Services
306kvehicles
Oregon WMT
3mvehicles
ELDs HOS Interstate only
USAELD
CURRENT
OPERATIONS
POTENTIAL
OPERATIONS

29
Opportunity
EROAD is well established in ANZ
•In New Zealand EROAD now collects 42% of all heavy vehicle RUC with
strong growth also being achieved in the light commercial vehicle segment
•EROAD’s Australian business (operationally managed from New Zealand)
provides commercial services primarily to trans-tasmancustomers
EROAD’s focus has widened to North America as ELD, WMT and IFTA
have opened large new opportunities
FY18 Total ANZ Units
59,843 vs
41,939
FY 18 Total North
American Units
17,757 vs
6,102

30
Opportunity
New Zealand
Continued strong growth driven by:
•Continued focus on health and safety
•Continued expansion in light vehicle fleets
•Improved systems and processes
Australia
•Growth in Trans tasmanfleet adoption
•Regulatory requirements such as chain of responsibility,
driving adoption in Australia.
USA
•ELD market to further develop
•Compliance enforcement
•Buyer’s remorse
•AOBRD transition
•Intrastate adoption of ELD’s
•Changein mindset from base ELD functionality to value adding
solutions
•WMT pilot programs e.g.I-95
Chain of
Responsibility
Health & Safety
and Driver
fatigue
management
Inspect,
maintenance
monitoring, MOT
compliance
Road tax suite
for fuel an
mileage
EROAD Regulatory Solutions

31
31
I-95 Corridor
Boston, Massachusetts
New York, N e w Yo r k
Washington, D.C.
Raleigh, North Carolina
Philadelphia, Pennsylvania
Charleston, South Carolina
Savannah, Georgia
Orlando, Florida
14 states + D.C.
2
nd
Largest Economy in
the World
$4.7 Trillion
40% of US GDP
Along the Corridor
Of America’s
population:
110 Million people
37%
Major Seaports
$172 Billion Imports
34% of U.S. total
46
Miami, Florida
Opportunity

32
Q & A

Appendix

34
Appendix – Statement of Income
PERIOD ENDFY2018FY2017
FY2016FY2015FY2014
$'000$'000
$'000$'000$'000
Continuing operations
Revenue
51,52432,76426,16417,5509,964
Expenses(36,514)(25,708)(20,477)(12,511)(5,935)
Earnings before interest, taxation, depreciation and am ortisation 15,010
7,056 5,687 5,039 4,029
Depreciation
(9,946)(8,086)(5,812)(3,561)(2,320)
Amortisation(5,594)(3,992)(1,676)(1,140)(648)
Earnings before interest and taxation(530)(5,022)(1,801)3381,061
Finance income24510073684480
Finance expense(1,259)(336)(245)(86)(122)
Net financing costs(1,014)(236)491758(42)
Non-operatings costs(2,023)
Profit/(loss) before tax (1,544)(5,258)(1,310)(927)1,019
Income tax (expense)/benef it1,754(16)211(294)1,922
Profit/(loss) from continuing operations210(5,274)(1,099)(1,221)2,941
Profit/(loss) after tax for the year attributable to the shareholders210(5,274)(1,099)(1,221)2,941

35
Value proposition
EROAD differentiates via value
adding compliance products
•EROAD’s unique selling proposition comes from its tax compliance and health &
safety solutions differentiating it from its fleet management focused peers
•Whilst growth in the ANZ business has historically been driven by EROAD’s tax
compliance solutions, health & safety compliance services (such as driver
behaviour) are now as strong a driver of EROAD’s sales in ANZ
•Driver Logbook for hours of service –NZ
•Driver Vehicle Inspection Recording (DVIR) -NA
•Driver health and safety management and reporting
•Storage enabling internal and external audit reporting
•Driver identification
•Vehicle maintenance scheduling
•Vehicle tracking and fleet activity
•Fuel and idling reporting
•Driver messaging
•Calculation and payment of Weight Mile Tax (WMT) -NA
•Calculation of International Fuel Tax (IFTA) -NA
•Calculation of International Registration (IRP) -NA
•Electronic Logging Device (ELD), Hours of Service -NA
•Storage enabling customer audit reporting
•Calculation and payment of Road User Charges (RUC)
TAX COMPLIANCE
HEALTH & SAFETY COMPLIANCE
FLEET MANAGEMENT
More value
-added services
Less competition

36
Glossary
1.Automatic On Board Recording Device (AOBRD)
AOBRDs are electronic devices that can be used to automatically record drivers’ hours of service
2.Depot
EROAD’s web-based platform that allows customers to manage (and pay) their RUC, WMT and fleet management services
3.Electronic Logging Device (ELD)
An electronic solution that synchronises with a vehicle engine to automatically record driving time and hours of service records.
4.Ehubo1 and Ehubo2
EROAD’s first and second generation electronic distance recorder which replaces mechanical hubo-dometers. Ehubo is a trade mark
registered in New Zealand
5.Driver Vehicle Inspection Report (DVIR)
A report created by a driver identifying defects and safety risks to a commercial vehicle
6.Heavy Vehicle
A truck, or a truck and trailer, weighing over:3.5 tonnes in New Zealand (required to pay RUC); 12 tonnes in Oregon
(required to pay WMT); or4.5 tonnes in Australia
7.InternationalFuel Tax Agreement (IFTA)
A cooperative agreement between all states (excluding Alaska and Hawaii) of the United States, and the Canadian provinces, designed to
make it simpler for inter-jurisdictional carriers to report and pay fuel excise taxes, requiring only one fuel licence to operate across
multiple jurisdictions

37
Glossary(continued)
8.International Registration Plan (IRP)
An agreement between all states (excluding Alaska, Hawaii and Washington D.C.) of the United States, and the Canadian provinces,for
the registration of inter-jurisdictional vehicles. Registration fees are paid to a fleet’s base jurisdiction, which then distributes them to other
jurisdictions based on the miles travelled in each member jurisdiction
9.Units on Depot
The number of EROAD devices installed in vehicles and subject to a service contract with a customer
10.Units Pending Installation
The number of EROAD devices subject to a service contract with a customer but pending Installation
11.Total Contracted Units (TCU)
TCU is made up of Units on Depot plus Units Pending Installation
12.Future Contracted income (FCI)
A non-GAAP measure which represents future hardware and SaaS cash inflows relating to income under non-cancellable long-term
rental agreements. Note that this definition has changed from the previous period in order to include the future cash flows fromfinance
leases, where the revenue has been recognised in advance of cash flows.
13.Recurring Revenue
The revenue EROAD expects to receive in future months from existing Total Contracted Units from monthly charging of services,monthly
hardware rentals and current monthly rates of transaction fees.

38
Glossary(continued)
14.Retention Rate
The number of Units on Depot at the beginning of the 12 month period and retained on Depot at the end of the 12 month period,asa
percentage of Units on Depot at the beginning of the 12 month period.
15.Road User Charges (RUC)
The number of Units on Depot at the beginning of the 12 month period and retained on Depot at the end of the 12 month period,asa
percentage of Units on Depot at the beginning of the 12 month period.
16.Weight-Mile Tax (WMT)
A mileage-based tax imposed on Heavy Vehicles according to a combination of the number of axles and/or combined weight of the
vehicle and the number of miles driven in Oregon, USA.

Steven Newman
CEO- EROAD
steven.newman@eroad.com